AalbCcDdE AaBbceDdE AaBbCcDc AaBbCcDdE AaBb Heading 1 Heading 2 Titta v Normal No Spacing Styles Pane Dictate and improvements, choose Check for Updates Check 2.On January 1, 2014 Beckwith Co. obtained a contract to construct a building. It was estimated at the beginning of the contract that it would take three years to complete the project at an expected cost of $200,000. The contract price was $250,000. The following information describes the status of the job at the close of production each year: 2014 2015 2016 Actual costs incurred $110,000 $115,000 $15,000 Estimated costs to complete 100,000 20,000 0 FOSS Compute the items listed below for each year assuming the use of the percentage-of-completion cost-to- cost method. (Round all percentages to two decimals). 2014 2015 2016 1. Revenue recognized during the year 2. Construction costs (expense) recognized during the year 3. Gross profit recognized during the Year